Buying a condo can be both a fulfilment of a dream and an excellent investment. Home ownership can give one a sense of achievement and growing your personal assets. You need to protect such a financial and emotional investment; condo insurance is important to protect your asset.
Insurance for your condo does however vary from traditional homeowners’ insurance. Due to the fact a condo unit shares walls and other common areas, it is difficult to assign financial responsibility to a particular resident should some kind of an accident occur. This kind of insurance could save you a significant amount of money and untold frustration.
Anyone living in either a condominium or townhouse complex would be well-served to obtain condo insurance. It is indeed likely you already pay for a certain kind of insurance protection through your monthly HOA dues – it is even more likely that this coverage would not provide sufficient protection in the case of an accident.
The kinds of coverage types available for condo residents include the following- Building insurance, which provides protection to your home in the event of a fire or some other destructive event is one example. Should someone be hurt in your own residence, you can be well protected from being financially ruined with proper liability coverage. Personal property insurance provides pay-outs for the replacement of anything you own inside your condo that might be lost as a result of theft or natural disaster.
There is also insurance that is designed for condo owners that pays for loss assessment and deductibles in situations where the condo association’s master policy is deficient. What is called “loss of use” coverage will pay for lodging costs should you be homeless while repairs are being made to your unit. Community insurance coverage helps should there be a claim between residents.
As what must now be clear, there are several ways in which insurance for condo owners is different than that for a regular homeowner. Contact us today and our advisors can help you examine your condo association’s master insurance policy and then formulate a plan that fits your needs.